Becton Making Pension Contribution

In a regulatory filing, the company said the
contribution, made during the first quarter of the
company’s 2003 fiscal year, is necessary due to a decline
in overall pension asset value, according to Dow Jones.
The contribution is being made in conjunction to other
steps taken by the company, including expectations of
lowering long-term rates of return from 9.75% to 8% and
reduced discount and salary rate assumptions.

The $100 million cash contribution is identical to one
made by the company in fiscal year 2002.

The filing said Becton’s benefit obligation under
the pension plan stands at $853 million, as of September
30, with plan assets at $519 million.

“As a result of these developments, the 2003 net
periodic benefit cost for the U.S. pension plan is
anticipated to be approximately $24 million higher than
in 2002,” the annual report said.